Tantech (NASDAQ:TANH) Stock Passes Below 50-Day Moving Average of $0.70

Tantech Holdings Ltd (NASDAQ:TANH)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $0.70 and traded as low as $0.67. Tantech shares last traded at $0.69, with a volume of 18,606 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of Tantech in a research note on Thursday, December 21st. They set a “sell” rating for the company.

Tantech Stock Down 4.3 %

The business’s fifty day moving average is $0.70 and its 200-day moving average is $1.38.

Hedge Funds Weigh In On Tantech

Several large investors have recently added to or reduced their stakes in TANH. Millennium Management LLC purchased a new position in Tantech during the second quarter valued at approximately $61,000. Virtu Financial LLC raised its position in shares of Tantech by 21.8% during the second quarter. Virtu Financial LLC now owns 224,686 shares of the basic materials company’s stock valued at $66,000 after buying an additional 40,178 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Tantech during the first quarter valued at approximately $185,000. Hedge funds and other institutional investors own 6.02% of the company’s stock.

About Tantech

Tantech Holdings Ltd, together with its subsidiaries, develops and manufactures bamboo-based charcoal products for industrial energy, household cooking, heating, purification, agricultural, and cleaning applications in the People's Republic of China and internationally. The company operates in three segments: Consumer Products, Electric Vehicles, and Biodegradable Packaging.